VIZZDA – April 25, 2013 – A Notice of Trustee Sale has been issued on a $40m note secured by the entirety of the Black Canyon Commerce Park and the Red Mountain Corporate Centers in Phoenix.
The Black Canyon Commerce Park consists of three 2-story offices, totaling 181,629 ft2 of Class A space, located east of the southeast corner of I-17 and Peoria Avenue at 2101, 2133 & 2225 W Peoria Avenue. Black Canyon was built in two phases; Offices A & B of 62,588 ft2 each were built in 1999 and Office C of 57,473 ft2 was built in 2001, all on 16.06 acres zoned A-1.
Red Mountain Corporate Center is a 2-story Class A office totaling 132,221 ft2, located east of the southeast corner of SR-143 and Washington St at 4801 E Washington. Red Mountain consists of a ±126,048 ft2 2-story class A office and a 6,324 ft2 restaurant both built in 1999 on 9.83 AC zoned A-2.
These properties were both acquired by the trustor(s) on July 14, 2005: Black Canyon for $28,305,000 or $155.84 per square foot with $6,305,000 down and Red Mountain for $23,715,000 or $179.36 per square foot with $5,715,000 down.
These acquisitions were facilitated by a $40.0M loan of equal date from Column Financial. This loan has a 5.35% rate and matures 7/11/13. The Column note was assigned to Wells Fargo Bank on June 26, 2006 where it was securitized and became a commercial mortgage-backed security (CMBS). At the time of securitization, the building was appraised at $52.3m